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  • CRA-4.11 CRA-4.11 Compliance

    • CRA-4.11.1

      Licensees must establish, implement and maintain adequate policies and procedures designed to detect any risk of failure by the licensee to comply with its obligations under the CBB Law, its regulations, resolutions and directives (including these Rules), as well as to detect the associated risks, and must put in place adequate measures and procedures designed to minimize such risk and to enable the CBB to exercise its powers effectively.

      Amended: April 2023
      Added: April 2019

    • CRA-4.11.2

      For the purposes of Paragraph CRA-4.11.1, licensees should take into account the nature, scale and complexity of its business and the nature and range of regulated crypto-asset services undertaken in the course of the business.

      Added: April 2019

    • CRA-4.11.3

      Licensees must establish and maintain a permanent and effective compliance function which operates independently and has, as a minimum, the following responsibilities:

      (a) to monitor and, on a regular basis, to assess the adequacy and effectiveness of the measures and procedures put in place, and the actions taken to address any deficiencies in the licensee's compliance with its obligations;
      (b) to draw up and implement a compliance monitoring plan; and
      (c) to advise and assist the relevant persons responsible for carrying out regulated crypto-asset services to comply with the licensee's legal and regulatory obligations.
      Added: April 2019

    • CRA-4.11.4

      In order to enable the compliance function to discharge its responsibilities properly, licensees must ensure that the following conditions, as a minimum, are satisfied:

      (a) the compliance function must have the necessary authority, resources, expertise and access to all relevant information;
      (b) a Compliance Officer must be appointed and shall be responsible for the compliance function and for any reporting as to compliance required by these Rules;
      (c) the relevant persons involved in the compliance function must not be involved in the performance of services or activities which they monitor; and
      (d) the method of determining the remuneration of the relevant persons involved in the compliance function must not compromise their objectivity.
      Amended: April 2023
      Added: April 2019

    • CRA 4.11.5

      The CBB may exempt a licensee from the requirements Paragraph CRA-4.11.4(c) if the licensee is able to demonstrate to the satisfaction of the CBB, that in view of the nature, scale and complexity of its business, and the nature and range of regulated crypto-asset services and related activities, the requirement under Paragraph CRA-4.11.4(c) is not proportionate and that its compliance function continues to be independent, objective and effective.

      Added: April 2019

    • CRA-4.11.6

      The CBB may, at its discretion, allow the compliance officer of a licensee to also act as the licensee's Money Laundering Reporting Officer, provided the licensee is able to demonstrate to the satisfaction of the CBB, that the nature, scale and complexity of the business is such that both the functions can be carried out effectively by the compliance officer without compromising on supervisory objectives.

      Amended: April 2023
      Added: April 2019